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Around 30,700 Bitcoin options contracts will expire on Friday, June 6, and they have a notional value of roughly $3.2 billion.
This week’s event is much smaller than last week’s end-of-month expiry, so the impact on spot markets is likely to be minimal. They have already tanked by $150 billion over the past twelve hours.
Crypto Options Expiry
This week’s batch of Bitcoin options contracts has a put/call ratio of 0.76, meaning that there are slightly more long contracts expiring than shorts as sentiment cools. There is also a max pain point of $105,000, around $2,000 above current spot prices, which is where most losses will be made on contract expiry.
Open interest (OI), or the value or number of $BTC options contracts yet to expire, is highest at the $115,000 strike price, which has $1.7 billion, and there is an additional $1.6 billion in OI at the $140,000 strike price as bullish speculators remain confident, according to Deribit.
Options Expiry Alert
At 08:00 UTC Friday, over $3.8B in crypto options are set to expire on Deribit.$BTC: $3.21B notional | Put/Call: 0.76 | Max Pain: $105K$ETH: $624M notional | Put/Call: 0.69 | Max Pain: $2,600
Calls dominate up the curve. What do you expect to… pic.twitter.com/qipjSBR43l
— Deribit (@DeribitOfficial) June 5, 2025
In a market update on Thursday, crypto derivatives provider Greeks Live said the group appears predominantly bearish, “with most traders expecting a continued correction in Bitcoin despite the recent upward movement.”
“Traders are watching the $105 to $109K resistance level for $BTC while mentioning that volatility remains persistently low, creating challenging conditions for options traders.”
They added that short call positions, especially in the $108K to $109K range for June 7 expiry, are popular as “traders expect $BTC to remain under this resistance.”
“Most are avoiding longing at current levels despite the temptation, with some expecting a deeper flush before considering long positions.”
In addition to today’s batch of Bitcoin options, there are around 241,000 Ethereum contracts that are also expiring today, with a notional value of $624 million, a max pain point of $2,600, and a put/call ratio of 0.69. This brings Friday’s combined crypto options expiry notional value to around $3.8 billion.
Crypto Market Outlook
Crypto markets have tanked 5.5% on the day with total capitalization sliding to $3.3 trillion, its lowest level for almost a month.
Bitcoin led the losses with a 2.7% dump to $101,000 before a slight recovery during the Friday morning Asian trading session. The asset has now lost almost 9% since its all-time high, but is teetering on support levels in six figures for now.
Ethereum’s momentum has ended with a 7% dump from over $2,600 to around $2,400, where it was trading at the time of writing. The altcoins were predictably in more pain with larger losses for Dogecoin, Sui, and Shiba Inu.